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[NEW YORK] UBS AG’s Americas wealth management group on Tuesday reported a 21 per cent jump in quarterly pre-tax profit over the prior-year period, as financial adviser productivity picked up and invested assets rose to record levels.

Second-quarter pre-tax profit at the Swiss bank’s Americas brokerage operation totaled US$258 million – accounting for roughly 24 per cent of UBS AG’s total pre-tax profit during the quarter.

“They’re continuing to invest in the Americas,” said Sophie Schmitt, senior wealth management analyst at Boston-based Aite Group, pointing to the firm’s willingness to spend to hire top advisers whose large client asset pools generate significant revenue for UBS.

“There is a lot of competition in this market, as assets are flowing from traditional wealth management providers to online brokerages and independent registered investment advisers,” Ms Schmitt said. “Firms really need to invest.”